MALPERTUUS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MALPERTUUS
Largest movements
- Tangible fixed assets +€160,819
up €160,819 (+7.1%), from €2.3m to €2.4m
of which Land and buildings: +€735,970
- Cash -€51,960
down €51,960 (-88.5%), from €58,691 to €6,731
mainly Net result for the year (-€300,690) and Investment in fixed assets (net) (-€270,291)
- Other debts +€310,529
up €310,529 (+55.9%), from €555,971 to €866,500
- Profit (loss) carried forward -€300,690
down €300,690 (-22.5%), from -€1.3m to -€1.6m
- Debts after one year +€53,580
up €53,580 (+3.1%), from €1.7m to €1.8m
- Trade debts +€34,333
up €34,333 (+232.8%), from €14,745 to €49,079
- Current portion of long-term debt +€26,917
new in 2025: €26,917
- Gross operating margin -€81,908
down €81,908, from €51,530 to -€30,378
- Financial charges +€16,978
up €16,978 (+13.6%), from €124,395 to €141,372
- Depreciation +€9,006
up €9,006 (+9.0%), from €100,466 to €109,472
- Other operating charges +€883
up €883 (+4.5%), from €19,594 to €20,476
- Financial income +€680
up €680 (+148.6%), from €457 to €1,137
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,339,469 | €2,457,924 | +€118,455 | +5.1% |
| Fixed assets | 21/28 | €2,268,716 | €2,429,535 | +€160,819 | +7.1% |
| Tangible fixed assets | 22/27 | €2,268,716 | €2,429,535 | +€160,819 | +7.1% |
| Land and buildings | 22 | €1,620,833 | €2,356,803 | +€735,970 | +45.4% |
| Furniture and vehicles | 24 | €42,247 | €72,732 | +€30,485 | +72.2% |
| Assets under construction and advance payments | 27 | €605,636 | €0 | -€605,636 | -100.0% |
| Current assets | 29/58 | €70,753 | €28,390 | -€42,364 | -59.9% |
| Amounts receivable within one year | 40/41 | €11,338 | €20,895 | +€9,557 | +84.3% |
| Trade receivables | 40 | €4,100 | €6,403 | +€2,303 | +56.2% |
| Other amounts receivable | 41 | €7,238 | €14,492 | +€7,254 | +100.2% |
| Cash at bank and in hand | 54/58 | €58,691 | €6,731 | -€51,960 | -88.5% |
| Deferred charges and accrued income | 490/1 | €724 | €763 | +€40 | +5.5% |
| Total equity and liabilities | 10/49 | €2,339,469 | €2,457,924 | +€118,455 | +5.1% |
| Equity | 10/15 | €51,773 | -€248,916 | -€300,690 | |
| Contributions | 10/11 | €1,381,650 | €1,381,650 | = | 0.0% |
| Reserves | 13 | €3,849 | €3,849 | = | 0.0% |
| Distributable reserves | 133 | €3,849 | €3,849 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,333,726 | -€1,634,415 | -€300,690 | -22.5% |
| Amounts payable | 17/49 | €2,287,696 | €2,706,841 | +€419,145 | +18.3% |
| Amounts payable after more than one year | 17 | €1,710,765 | €1,764,345 | +€53,580 | +3.1% |
| Financial debts | 170/4 | €1,710,765 | €1,764,345 | +€53,580 | +3.1% |
| Amounts payable within one year | 42/48 | €570,716 | €942,496 | +€371,779 | +65.1% |
| Current portion of amounts payable after more than one year | 42 | - | €26,917 | +€26,917 | |
| Trade debts | 44 | €14,745 | €49,079 | +€34,333 | +232.8% |
| Suppliers | 440/4 | €14,745 | €49,079 | +€34,333 | +232.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €555,971 | €866,500 | +€310,529 | +55.9% |
| Accrued charges and deferred income | 492/3 | €6,215 | €0 | -€6,215 | -100.0% |
| Non-recurring operating income | 76A | €12,505 | €0 | -€12,505 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,466 | €109,472 | +€9,006 | +9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €19,594 | €20,476 | +€883 | +4.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €51,530 | -€30,378 | -€81,908 | |
| Operating profit (loss) | 9901 | -€68,530 | -€160,326 | -€91,797 | -134.0% |
| Financial income | 75/76B | €457 | €1,137 | +€680 | +148.6% |
| Recurring financial income | 75 | €457 | €1,137 | +€680 | +148.6% |
| Financial charges | 65/66B | €124,395 | €141,372 | +€16,978 | +13.6% |
| Recurring financial charges | 65 | €124,395 | €141,372 | +€16,978 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | -€192,467 | -€300,562 | -€108,095 | -56.2% |
| Income taxes | 67/77 | €127 | €128 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€192,594 | -€300,690 | -€108,096 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€192,594 | -€300,690 | -€108,096 | -56.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.